Everything about Ethereum: technical analysis and development, upcoming hardforks, anonymity, applications, mining, wallets and forecasting. And what is EtherZero?

Ethereum (ETH) is a highly interesting Altcoin, which can offer much more than just a transfer of values between two people like Bitcoin. Ethereum is considered a second-generation crypto-currency due to its Smart Contract capability and it is already actively used unlike almost all other crypto-currency. Market capitalization is about half of Bitcoin’s share, but Ethereum defends the second place. Everything that is Ethereum and where the journey is heading at is summarized below.

proof-of-work = energy-intensive transactions that are currently being optimized; developers want to switch to energy-efficient proof-of-stake by 2019

Ethereum is based on blockchain technology and serves as the basis of smart contracts. As an open platform (open source platform), Ethereum greatly simplifies the implementation of blockchain technology and arouses interest not only from new start-ups but also from the largest software developers such as Microsoft, IBM and Acronis. Financial institutions, including VTB Bank and Sberbank, Lufthansa and S7 Airlines, as well as the international non-profit organization UNICEF, are also showing great interest in the platform.

The smart contracts machine and mega-crowdfunding platform is the most important crypto-currency after Bitcoin. Thus, most ICOs (Initial Coin Offers) are handled by the Ethereum blockchain.
Ethereum carries out more than 900,000 transactions a day, making blockchain the most widely used of all crypto-currencies. This is also due to the fact that currently many crypto-currencies exist as ERC20 tokens only on the Ethereum blockchain (see below: Ethereum and ERC20 tokens)

Who is behind Ethereum? The Ethereum Foundation

The core team behind Ethereum is - unlike the others in the crypto industry and unlike the team behind Bitcoin - very well known in the scene and very active in public.
The project was proposed by the founder of the magazine "Bitcoin Magazine" Vitalik Buter at end of 2013. Vitalik Buterin, a native Russian and born in Canada, is thus considered to be the spiritual father of Ethereum and is one of the most important identification figures and source of ideas in the crypto- scene.
During the implementation of the Ethereum blockchain he was being significantly supported by Gavin Wood and Jeffrey Wilcke. The latter is now head of the technical department.

Development costs were funded through a crowdfunding campaign that resulted in the sale of Ethereum for Bitcoin for over $18 million.
To underline the charitable nature of the Ethereum project, in July 2014, the Ethereum Foundation (Ethereum Foundation), based in Switzerland, was founded.

The mission of the Ethereum Foundation describes the foundation itself as follows:

The Ethereum Foundation’s mission is to promote and support Ethereum platform and base layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation decentralized applications (dapps), and together build a more globally accessible, more free and more trustworthy Internet.

The openness and transparency of the Ethereum Foundation is an important cornerstone of the trust placed in the crypto-currency. Similar to IOTA (our test), the foundation is intended to underscore the charitable character behind the crypto-currency and thus promote its distribution.

Nevertheless, the investment in Ethereum in particular and in the crypto- market in general always remains a risk with the risk of total loss. This situation of a strong decline of all crypto-currencies could be observed between mid-January and early February 2018.

Ethereum is based on blockchain technology, which means that there is not one central data center that regulates and monitors transaction traffic, but that it is the responsibility of all devices connected to the network: each transaction is managed remotely by many small computers. This approach makes it much harder for hackers to manipulate blockchain data.
To make the system work, the data centers are paid for their efforts - the confirmation of transactions to a data block, using energy, hardware and software - with currently 5 Ethereum (block reward). This is called the proof-of-work algorithm.

By 2019, the previous method is to be combined with the more energy-efficient proof-of-stake algorithm until one day the proof-of-stake is to become the only algorithm. But more on that below (phase 3: metropolis release).

The problems of proof-of-work and its effects have been explained in more detail in our forecast for 2018.

What is the difference between Ethereum and Ether?

The exchange units of Ethereum are called Ethers. The abbreviation is the ETH symbol and the symbol "Ξ" (the Greek letter Xi). The fractions have their own names: 1 / 1,000 = Finney; 1/106 = Szabo; 1/1018 = Whei

Unlike other crypto-currencies, the authors do not pare down the role of Ethers to payments, but offer them, for example as a mean to share resources or to register asset transactions using smart contracts; in particular the authors describe Ether the "crypto-fuel" for the execution of intelligent contracts in the network. Ether is traded on different exchanges and can also be exchanged for euros or US dollars.

However, as in our article, Ether and Ethereum are mostly used interchangeably.

Who needs Ether?

Developers who want to develop apps that use the Ethereum blockchain and users who want to access and interact with smart contracts on the Ethereum Blockchain.

What is an Ethereum Wei?

https://www.hulacoins.com/ethereum/how-to-buy-ethereum-ether-eth/a-4
A Wei is the smallest unit of the Ethereum currency.

How many Wei are one Ether?
An Ether consists of 1,000,000,000,000,000 Wei. Thus, a Wei is 0.0000000000000001 Ethereum.

Update policy of Ethereum: hardforks and milestones

The Ethereum launch process is divided into 4 milestone phases (the release steps) to give development a structure and orientation. As can be seen below, the major phases are partially split into several sub-steps.
Important: from milestone to milestone a hardfork is performed. However, this does not mean, as with the Bitcoin (review), that the old blockchain is duplicated and you as the owner of previous Ethereum additionally receive the same amount of new coins.
With Ethereum, hardforks are considered to be an update to all Ethereum coins, i.e. they are made compatible for the new phase. But there are no new coins in the same amount!
The following is an overview of the past and future development of Ethereum:
The "Olympic testnet" will be launched as a pre-release in May 2015.

Phase 1: frontier release

After the test phase, the beta version of the Blockchain was released with the "Frontier Release" on 30th July 2015.
In this version, for example, the above-described proof-of-work procedure and a first version of the smart contracts were introduced.
With the release, it was also possible to buy Ether(eum) and test the DApps.
The aim of the phase was to test the blockchain and make it stable and executable.

Phase 2: homestead release

With the release of homestead on 14th March 2016, developers mainly focused on the security of the blockchain. Officially, it was still in the beta stage of the development. At the same time, however, several major smart contracts had already been settled in the Homestead phase. The best-known examples of smart contracts are a whole series of ERC20 tokens (Tron, EOS, OmiseGo, Binance Coin, etc.) as well as the Cryptokitties application. Both are described in more detail below.

Despite the technological development, however, it also became clear that Homestead was by no means bug-free. So far Ethereum has experienced its worst setback in form of its first 'real' hardfork:

Phase 2 and Ethereum's first real hardfork: Ethereum Classic (ETC) is born

A security hole in the Ethereum blockchain made it possible to change (or manipulate?) the Ethers in the smart contract of the investment firm The DAO on 17th June 2016.
As a result 3.6 million Ethers (worth over 65 million euros!) became unusable. Searching a solution, the community finally agreed to correct the mistake by using a hardfork to reset the Ethereum blockchain to its status prior to 17th June 2016.
Since this approach was again regarded as manipulation by many members in the ETH network, the decision to the hardfork was highly controversial. Especially since the new Blockchain did not get a new name (as it is usual), but the old one: the previous Ethereum blockchain was now Ethereum Classic (ETC). The reset (actually new) Blockchain was still referred to as Ethereum (ETH). After all, the 3.6 million Ethers could be saved as planned.

The Ethereum Foundation decided that in the future they would concentrate on the forked version, i.e. on Ethereum. So, the foundation itself has nothing to do with Ethereum Classic.

Our assessment: Ethereum's first and only hardfork shows how vulnerable a blockchain can be when the majority decides on a certain strategy.
Regardless of terminology or Ethereum's history, Ethereum is still the most powerful crypto-currency!

Phase 3: Metropolis release: progression in 2018

For the first time, update Metropolis implemented a release in two steps:

Byzantium / Byzantine / Byzantium, begins on 17th October 2017

Constantinople / Constantinople, begins no later than 18 months after 17th October 2017

The original plan concerning Metropolis release was to replace the previous and energy-hungry proof-of-work procedures against the proof-of-stakes algorithm. This meant that transactions would no longer be confirmed by data centers, but by actual ETH owners.
However, this idea failed due to the fierce resistance of the miners, whose business basis would have ended. Therefore, the transition between the two methods has been made smoother: Byzantium offers a combination of both algorithms, but with Constantinople it is then finally converted to proof-of-stake.

There will be exciting developments with Metropolis:

Phase 3.1: Byzantium / Byzantine / Byzantium

With block 4.370.000 of the Ethereum Blockchain on 17th October 2017 the hardfork was initiated for the first step of Metropolis: Byzantium.

Byzantium adapts the Ethereum network as follows:

1. Parallelization of calculation processes
Result: increase in performance while reducing the computing power2. Now light clients can also check if a contract has been executed properly
Consequence: there must be no fullnode (i.e. the complete blockchain), which saves storage space3. Adjusting the mining rewards
Consequence: the reward for a mined block is exactly 5 Ethers now; previously this amount could have possibly been higher4. Introduction of Zero-Knowledge Proof by zk-Snark
Consequence: optionally, Ethereum transactions can also be made anonymously; Zk-Snarks are known by Zcash.5. Troubleshooting smart contracts
Result: increased security, especially for complex smart contracts.

In addition to these positive developments, the so-called difficulty bomb was also started with Byzantium. As a result, mining becomes more and more complex and the difficulty increases exponentially. As a result, Ethereum's network is frozen bit by bit, and after 18 months at the latest, it is simply no longer possible to generate new blocks, i.e. to confirm transactions. This is achieved by reducing the Ether payout per new block from 5 to 3, making mining less and less attractive. At the same time, the time required to create new data blocks continues to increase. From currently 15 seconds (early February 2018) to several minutes. By the end of summer 2018, the ability to process transactions could decrease by up to 50%.

Why would you freeze the ETH network?

Quite simply: if mining becomes increasingly unattractive to miners, resistance against switching to the proof-of-stake process will also be reduced.
Approximately 18 months after Byzantium, the network will be incapable of acting. At the latest by April 2019 the next hardfork to Constantinople must be done with which the proof-of-stake is implemented then.

Until then, Byzantium algorithmically provides an intermediate step: as described above, there is no radical shift to proof-of-stake during the phase. Instead, they want to make the transition smoother by combining proof-of-work and proof-of-stake:

With the introduction of the "Casper" protocol, 99 out of 100 blocks continue to be verified and rewarded by mining (i.e. proof of work). However, every 100th block is checked by proof of stake.

Our assessment:Casper will make transactions cheaper and faster for the consumer. OK then!
At the same time just 1% of all blocks are checked by means of proof of stake - very little. On the one hand, one could say that the change should rather be slower and also ordered. On the other hand, there is also the impression that a complete conversion from 1% to 100% cannot be carried out with Constantinople yet.
We therefore assume that proof-of-stake might be implemented gradually (25%, 50%, 75% and then 100%).
In the long term, however, we believe that switching to proof-of-stake is inevitable, as the power consumption of mining-based crypto-currencies represents a dangerous technological bottleneck.

Phase 3.2: Constantinople / Constantinople

Constantinople is the 2nd part of Metropolis. Due to the difficulty bomb described above and the imminent 'ice age', it is clear when it must come to Constantinople: by April 2019 at the latest, that means no later than 18 months after the introduction of Byzantium on 17th October 2017.
However, various sources expect the Hardfork still in 2018.
The main progress of Constantinople will be the switch to the proof-of-stake procedure.

Our assessment:As described above, we are curious whether it actually comes to a complete change! However, we do not think the full PoS implementation is liable to happen, as the lobby of the miners is to be too strong despite the ice age.

Phase 3.2: what is proof-of-stake?

In the proof-of-work process, the computing power to successfully mine a new block was crucial: the more computing power, the greater the chance of uniting transactions into one block. So you were and you are rewarded with a certain amount of crypto-currency.

As part of the proof-of-stake process, the verification of transactions no longer depends on the processing power of a miner, but on the capital strength of their own ETH holdings: the more Ethereum you have, the higher the chance of verifying transactions and thus also getting the block reward. It's like gambling: the selection of who is allowed to verify is random. So whoever has more Ethereum is more likely to be selected.
Consequently capital strength is the new mining, not the computing power.

Phase 4: Serenity release

Serenity is the fourth and final phase of Ethereum development.
If the conversion to proof-of-stake has not been completed yet, it will be implemented now.

Apart from that, the network should be faster, more efficient, easier for beginners and more resilient to the reduction of mining capacity.

When Serenity is to be released, is still to be determined. We assume that this will not happen before October 2020 (release of Constantinople plus 18 months).

Purpose: what can Ethereum do?

The scope of application of Ethereum goes far beyond the sole function of a currency. In principle, ETH coins will continue to be traded and will rise in price with every hardfork and every other function that makes the Ethereum Blockchain usable for the mainstream as well.

However, the great strength of Ethereum lies in the support of smart contracts, DApps and ERC20 tokens, which we will discuss below.

Ethereum and smart contracts

Smart contracts are contracts that run automatically once a contracted sum has been paid in Ethereum. The review of the (monetary) performance and starting human consideration are deleted, the Blockchain triggers the specified events automatically. Smart contracts are the technical illustration of contractual agreements. They are executed in the so-called Ethereum Virtual Machine (EVM).

Ethereum serves as trustee and middleman between any numbers of contracting parties. The smart contract itself, once completed, can no longer be manipulated because it is stored in a decentralized manner in the Ethereum network.
On the one hand, as a contracting party you benefit from high security, on the other hand, the stipulation of contracts in the Ethereum blockchain could save costs, since control must be less close.

In practical terms this means that, for example academic degrees, land titles (as planned by Brazil) or photographs (compare the Kodak coin), even entire identities including images and fingerprints can be stored in the blockchain. The applications of smart contracts are referred to as distributed apps (DApps). More about this in the next chapter.

Ethereum and Decentralized Apps (DApps)

DApps are application programs that run on a decentralized centre based on smart contracts. Compared to the classic client-server model, such programs have the advantage that they can hardly be manipulated by attackers. Finally, the applications run in parallel on all nodes (copies of the blockchain that are actively running). For a successful attack you would have to control at least 51% of the network.
Also, it is no longer possible to stop such an app through decentralization, as it is the case by deactivating only one (central) server.

You could think about, for example, complex application options such as forgery-proof e-voting systems. Brazil seems to be playing a pioneering role in its active implementation: in 2018, the authorities want to allow Brazilian citizens to initiate petitions by means of an Ethereum blockchain, in order to draw parliament's attention to citizen requests.
Theoretically, elections can also be organized via Ethereum, which are characterized by high transparency and security. In practical implementation, however, transparency contradicts secrecy of the ballot.

The Swiss canton of Zug with its capital of the same name is at the forefront of blockchain-based identity management. Since the end of 2017, it has been working here on a DApp with which citizens can manage their identity on the basis of Ethereum. It is considered as evidence that can be used to provide urban services. The participation in local elections should be made possible by means of blockchain identity.

Our assessment:A very exciting and highly innovative idea! Applications based on smart contracts make it possible to regulate all contractual arrangements, from the mobile phone contract via hotel booking to one's own identity, and this in a decentralized manner.
Ultimately, the Ethereum blockchain itself is a DApp because it manages decentralized and open source ownership.

Ethereum and ERC20 tokens; alternatives to Ethereum?

Smart contracts and DApps can also be combined with the idea of crowdfunding: 'donate' Ethereum for a new project - such as a new crypto-currency -, the donors are registered in the ETH blockchain and receive a share in the new crypto-currency in return for their donation.
Since the project does not yet stand by itself, you do not consider your share as coins, but tokens.The standard introduced by Ethereum is called the ERC20 token.

The result is a secure and trustworthy solution that anchors ownership of a new project in the Ethereum blockchain.

The initial distribution of ERC20 tokens usually takes place via an Initial Coin Offering (ICO): shares are acquired in the form of tokens for Ethereum on the new project.

Ethereum is a leader in adding new crypto-currencies to its own network. Through advanced development, customers will find an easy-to-use infrastructure to set up their blockchain project.

Currently there are, for example, the crypto projects EOS, TRON, ICON, VeChain, Populous, and OmiseGO on the ERC20 standard in the ETH network.

There is currently no real competition for Ethereum, but in the medium term NEO could offer comparable projects, possibly also Stellar, NEM, Qtum, BitShares and Waves. Nevertheless, the ERC20 standard will probably remain the measure of things in the future.

Ethereum and crypto-kitties

At the end of 2017, the Canadian company Axiom Zen launched the DApp crypto-kitties on the Ethereum Blockchain.
The program, basically a collecting game, makes it possible to buy or sell digital cats for Ethers. In addition, you can pair the 'animals' among each other, which also costs Ether. The more often you pair your animal with another, the more time elapses until the next pairing is ready. Each of the crypto-kitties has its own address in the Ethereum DApp and every purchase and pairing is documented.

The attractiveness of the application is that each cat has a unique gene pool and properties can also change over time, such as age.

For a self-defined price, you can release an animal for pairing. If another 'cat owner' is interested in the offer, he can have his own animal mated by the digital cat offered for payment for the specific amount of Ether. The resulting offspring belongs to the buyer; the provider receives the 'purchase price' in Ether.
The developers at Axiom Zen receive a commission of 3.75% of all Ether amounts.

Some of the cats are already worth more than $100,000.

Our assessment:The game itself seems pointless at first glance (apart from speculating on a rising value of your own cat), but it also demonstrates what the Ethereum blockchain can do: smart contracts (buy, sell, pairing, new cat) by users can be applied directly.

Here you can get an impression of what Ethereum could do in the future.

Ethereum mining: is mining Ethereum still worth it?

To make it short: we do not think so.

Why is that so?
As described above, we are at the beginning of an 18-month lasting ice age. Currently, the time needed for creating a new block is steadily increasing from 15 seconds per block to several minutes in late summer of 2018. At the same time, the reward per block is dropping from 5 Ethers to 3 Ethers.
In summary, this means that there is hardly any profitable mining possible in the next few months.
The background is the forced migration to the update Constantinople, in the course of which mining as proof-of-work is abolished. By April 2018 it will be ready: mining is no longer operated by computing power, but depends on your own Ether wealth: the more Ether you have, the higher the chance of a block reward is.

Mining becomes less and less profitable as the difficulty increases and the reward decreases. Even in the long term, nothing will change.

So it's better to invest money in Ether than in equipment.

How many Ethereum will there be?

It is determined that a maximum of 18 million Ethers can be generated per year, which corresponds to 25% of the first-sale coins.

An absolute upper limit, like for Bitcoin, does not exist.

The background is that Ethereum does not aim to be a rare commodity but to be actively used for smart contracts. This requires a regular production of new coins, especially when Ethereum reaches the mass market.

Is Ethereum anonymous?

Yes and no! Since the launch of Byzantium, the first installment of the Metropolis release, smart contracts have been able to provide more sophisticated encryption. This means that anonymity can exist within contracts or DApps. Zero-knowledge proof using a protocol called zk-Snark, which is already used by Zcash, makes the sender, the recipient and the amount completely anonymous.

Normal transactions of Ethers remain unencrypted and are therefore not anonymous.

Our assessment:The possibility of anonymisation by zero-knowledge proof makes it possible to conclude contracts for third parties that are not visible in a completely transparent blockchain for the first time. This variant is certainly a basic requirement, so that Ethereum can be established on the mass market.
Who wants to know that an outsider can see all the details of a private contract, anyway?

Scalability of Ethereum: how flexible is the crypto-currency?

Basically Ethereum is very well scalable and thus flexible.
Due to the currently activated difficulty bomb, with which the next update, the hardfork Konstantinopel, shall be enforced faster, the scalability of the network is decreasing.
However, this measure will be limited until April 2019 at the latest, after which the ability to respond to an increasing demand should once again be fully useable.

Ethereum Mobile Wallet and Light Wallet

We looked at the best Ethereum wallets in a separate test that can be viewed here (a-26).

Wallets with ERC20 support

Some wallets also provide direct ERC20 token support, so any tokens based on the Ethereum blockchain can also be managed in the wallet. The MyEtherWallet is a web interface that does not only manage Ethereum but also the Ethereum Blockchain based ERC20 tokens. As more and more ICOs, i.e. Initial Coin Offerings, are based on the Ethereum blockchain, integrated management is a great advantage of MyEtherWallet.
The list of supported ERC20 tokens on MyEtherWallet is long. The most important ones, among others, are:

Tron (TRX),

EOS (EOS),

OmiseGo (OMG),

Populous (PPT),

Binance Coin (BNB),

Status (SNT),

Dragoncoin (DRGN),

0x (ZRX),

Dent (Dent),

Augur (REP),

Veritaseum (VERI),

Golem (GNT),

FunFair (FUN),

Kyber Network (KNC),

SALT (SALT),

Santiment (SAN),

TenX (PAY)

and many more…

Which hardware wallets are supported?

As described in our detailed review (a-26), both Ledger's hardware wallets, Ledger Blue and Ledger Nano S, offer the integration of Ethereum.

How do Ethereum and Bitcoin fit together?

Without Bitcoin, Ethereum would never be possible - both technology and the currency. Ethereum therefore considers itself not as a competing currency, but as a supplement within the digital ecosystem. Ether is a crypto fuel, a coin which purpose is to pay for calculations and it is not intended to be used as a currency, asset, stock, or anything else.

All known exchanges are currently contacted by the team behind ETZ for the implementation of EtherZero.

Who does get ETZ for free?
Anyone who owned Ethereum and the private keys between 19:00 and 20:00 on 19 January 2018 will receive the same amount of ETZ for free.

When do I have a masternode and what is it good for?
With 20,000 ETZ coins you can use a so-called master mode. In addition to a certain say as far as the development of ETZ is concerned you get 45% of the block reward earned by the miners.

According to the developers, they keep half of the 194 million ETZ coins for themselves, as a reward and to enable further development.

Our assessment:Anyone who already owns Ethereum and can receive the same amount of ETZ does not have to care. However, there remains a certain aftertaste of exaggerated enrichment.
The developers expect an ETZ value of 10% of Ethereum. Comparing this goal with Bitcoin Gold (BTG), which was forked by Bitcoin in autumn 2017 and currently costs about 1.2% of a Bitcoin, the 10% hope for EtherZero seems very high.
Another comparison: during the presale you could buy 3,300 ETZs for one Ether.

We are currently considering EtherZero as a very critical one. Not because of being a hardfork or because Ethereum is emulated, but because presale and premining (similar to Bitcoin Gold) shed a bad light on the launch of ETZ.

It is still too early for a final assessment at this point. However, new investors should be very cautious or refrain from investing for security reasons.

A look at the past development (2015 to 2018)

From August 2015 to mid-March 2017, 1 Ethereum was available for less than $20.
In mid-May 2017, the value of an Ethereum exceeded the important $100 mark for the first time.

Between June and November 2017, the coin remained at 300 US dollars, apart from a few healthy consolidation phases.
In mid-November 2017, the crypto-currency rose sharply, reaching its peak of almost $1,400. In the course of further consolidations, the average value is about 750 US dollars at the end of February 2018.

Our assessment:There is definitely a clear upward trend that Ethereum is experiencing in the supposed 2017 crypto-currency year of breakthrough.
This development is optimistic for the future. More about that in the next chapter.

Conclusion and prognosis: is the purchase of Ethereum coins still worth it?

This question cannot be answered by taking a look at past performances, but rather checking the potential - and thus the price - that you can trust in Etherum the future.
Of course, an investment would have been much better two years ago, but in two years' time you might say the same thing.
As described above, after fierce consolidation in January 2018, Ethereum is currently well below its historic high. On the one hand, this can be seen as a cheap way to get started and the peak at the end of 2017 as a signal of future development.

Ethereum is the top dog among its peers as a pioneer in smart contracts. This is also due to already existing real application areas (DApps), because the blockchain is already very mature – and, at the same time, a clear objective for the future is pursued.

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